Iqbal Sharma

Properties

Mansion

Sharma has a luxurious mansion in Sandton, Johannesburg once described as the "oasis in the middle of the city" which is worth about R12 million.^[4] The mansion was designed in honour of Patel's late father.

He also has a residence in Constantia in Cape Town.^[5]

Pictures of the Mansion

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  Iqbal Sharma Mansion Aerial View

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  Inside Iqbal Sharma's Mansion

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  Iqbal Sharma Mansion Staircase

Career

In 2002, Sharma, then a director in the South African Department of Trade and Industries, joined then Indian Commerce Secretary Dipak Chatterjee in Johannesburg for a three-day meeting with high-profile business leaders to revive cooperation between the two countries through the India South Africa Commercial Alliance (ISACA).

Iqbal Sharma is the founder of ISSAR. He serves as a Director in a number of companies. He served as the Deputy Director-General/CEO of Trade and Investment South Africa (TISA), in South Africa’s Department of Trade & Industry (DTI).

He had previously headed up the Trade Policy division, overseeing SA’s global economic strategies, managing South Africa’s bilateral trade relations and negotiations. Sharma had been with the DTI since 2001. Iqbal Sharma also served on the board of the Export Credit Insurance Corporation (ECIC), SA Nuclear Council, SA Space Affairs Council, Immigration Advisory Board, the International Marketing Council and Transnet. Before joining the DTI, he worked for large multinationals such as PepsiCo and the Bank of America.

After rising through the ranks to various positions in state Departments, Iqbal Sharma started his own business, with frequent visits to India. Iqbal Sharma founded South Africa’s first computer education franchise and a software firm.

He has been a regular speaker at large global conferences across the world like the World Economic Forum, Time/CNN Global Forum, UNEP and World Trade Organisation (WTO) platforms.^[6]

Arrest

Iqbal Sharma was arrested in June 2021 in connection with the failed R288 million Estina dairy project in Vrede, in the Free State.

He appeared in the Bloemfontein Magistrate's Court on Thursday 3 June 2021 facing charges of fraud and money laundering.

Sharma was charged alongside three senior former officials of the Free State government. The other three people arrested were Peter Thabethe, Dr Limakatso Moorosi and Seipati Dlamini. Moorosi and Thabethe are former heads of the Department of Agriculture in the Free State, and Dlamini was the department's chief financial officer.

The state alleges that Iqbal Sharma, through his company Nuland Investment, laundered over 20 million Rands which the provincial Free State Department of Agriculture paid for a feasibility study that was supposed to cost just 1.5 million Rands.

The feasibility study was to determine whether the Estina Dairy Farm project would benefit small-scale Black farmers in partnership with Indian company Paras.

The Estina project failed badly, with allegations that tens of millions more from the venture were siphoned off to the Gupta family. Sharma's company Nuland Investment then outsourced the study to two companies, which later over-charged the department with 24 million Rands.

Iqbal Sharma and the former Head of the Agriculture Department Peter Tabetha were remanded in custody pending a formal bail application on June 7, 2021.^[7][8]

On 8 June 2021, Sharma was denied bail. Iqbal Sharma's co-accused were granted bail.^[9]

Bail

On 14 July 2021, Iqbal Sharma was granted R500 00 bail by the High Court in Bloemfontein. As part of his bail conditions, Judge Joseph Mhlambi ordered Sharma to appear in the Bloemfontein Regional Court on the 6 September 2021 at 8 am, reside at his residential address in Sandton Gauteng and report to the Sandton police station on Mondays, Wednesdays and Fridays between 8 am and 8 pm. He was also prohibited to apply for any passport.^[10]

Siezure of Properties

On 4 June 2021, the Assets Forfeiture Unit (AFU) seized properties belonging to Iqbal Sharma.^[5] The NPA's Investigative Directorate (ID) alleged the properties could be proceeds of crime in terms of Prevention of Organised Crime Act. The NPA wanted the assets placed under restraint until the conclusion of a criminal case against Sharma and his co-accused and if found guilty to be forfeited to the state.^[4]

Association With Gupta Family

In his court appearance, Sharma denied any association with the Gupta family. In his affidavit, which was read in court, Sharma said:

"I have no association whatsoever with the Gupta family. The State has made bald allegations of my association with the Guptas. There is no merit to this. I note that the investigating officer has alleged that I am able to flee South Africa and set up a life elsewhere given my relationship with the Gupta family and Saleem Essa. Firstly, I have not had any contact with any of the Gupta family members since 2014. My last interaction with Saleem Essa was in Dubai, during December 2017, when I bumped into him at the hotel in which I was booked when I was holidaying with my wife in Dubai. That meeting lasted for approximately two minutes when we greeted each other and exchanged very brief pleasantries."

^[6]

Saif Ali Khan Incident

In 2012, Sharma was in the news after an incident in a Mumbai restaurant that saw actor Saif Ali Khan being arrested after he allegedly punched him.

Sharma claimed that Khan retaliated angrily after he sent several requests via restaurant staff to Khan's table, where he was dining with some fellow actors, to lower their voices and allow Iqbal Sharma and his family to enjoy their meal in peace. Khan later admitted that he could have handled the situation better and apologised.^[7]

Honours & Awards

The Financial Mail has recognised him as one of the top 400 most influential people in South Africa. He has been hailed as “one of South Africa’s most remarkable entrepreneurs” (SA Success Magazine 4/98).

He is a Fellow of the Aspen Global Leadership Network (AGLN) of the Aspen Institute.

Videos

References